Jonathan D. Rich, president and CEO of Momentive Performance Materials Inc., has announced plans to build a state-of-the-art Technology Center and Global Headquarters in Rensselaer County, NY. Plans are already underway to relocate the company’s headquarters to the Capital District beginning August 1, 2008. The new facilities will employ 250 people with a total annual payroll of approximately $38 million. One hundred and fifty of these jobs will be new to the Capital Region.

“We strive to make our customers successful,” said Rich. “To continue to meet and exceed our customers’ needs, we need a world-class Technology Center for our top-notch talent to design and develop innovative products in order to compete in this highly competitive industry.” Momentive currently has multiple Research and Development Centers globally, including a 60-year-old center at Waterford, NY.

“In these difficult economic times, New York needs to make smart investments that create jobs and help improve the local economy. This does both,” said Governor David A. Paterson. “We are delighted that Momentive is moving their Global Headquarters to the Capital Region, and I want to thank Joseph Bruno and Assembly Majority Leader Ron Canestrari for their efforts. With its high quality of life and educated work-force, Upstate New York is well suited for business, and I am quite sure that Momentive will be very happy with this move.”